Bayleys news & articles

Trophy harbour property with development potential

Wednesday, 16 September 2015

Tags: AucklandCommercial

A decision by Salthouse Boatbuilders to put a substantial property it has occupied on the Waitemata Harbour since the 1950s up for sale has opened up a unique waterfront development opportunity for the next owner.

“This site and the Salthouse name have been an integral part of the development of New Zealand’s marine industry for more than 60 years,” says Scott. “An impressively diverse range of vessels have been built on and launched from the property encompassing racing yachts, cruising boats and commercial vessels including a variety of tenders for use in supporting roles for America’s Cups.

“However, a change in the nature of Salthouse’s boat building, with more of a focus now on smaller vessels such as tenders, means they no longer require a property of this size.”

The property is in three titles plus part of a crossed lease block of land which is shared with the neighbouring property owner. Some of the land is reclaimed and council owned on which coastal permits have recently been renewed and approved for another 35 years. The land is zoned Special Purpose Zone 6 – Boat Building and has a similar proposed zoning under the new Auckland Unitary Plan. Scott says to unlock the property’s real value, the new owner would need to apply for a plan change and work with the council to redevelop the site.

“Salthouse Boatbuilders are offering vacant possession should a new owner want to redevelop the whole site. However, they would be also be prepared to consider leaseback options including continuing to occupy the property while the new owner formulates plans or leasing back part of the site on a longer term basis.

“They are keen to support the right developer with the right idea to rejuvenate the property. The North Shore Rowing Club, which currently operates out of a relatively confined space, have indicated they would like to expand their premises and would also be keen to work in with a new owner.”

Scott says given the property’s prime north facing waterfront position, with views east and west, it would obviously make a superb residential development site. “However, it could suit a mix of uses including marine related activities, a cafe/restaurant and other amenities that would draw a rapidly expanding surrounding population to the site.

“It’s a special property and there is an opportunity for the next owner to create something really special.”